Canada’s GFL environmental signs mammoth $6.4B deal for Secure Waste

GFL Environmental Inc. garbage trucks sit parked in Toronto, Ont.

CALGARY — GFL Environmental Inc. has signed a deal to buy Secure Waste Infrastructure Corp. in an agreement that puts an enterprise value on the company at about $6.4 billion.

Secure operates a waste management business in Western Canada and North Dakota. It has over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and five transfer stations.

“The acquisition of Secure will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services,” GFL founder and chief executive Patrick Dovigi said in a statement.

• Latest updates on company news here

Secure chief executive Allen Gransch said the company looks forward to joining the GFL team and working together to further unlock value for all shareholders.

“The transaction will combine Secure’s hard to replicate infrastructure network with GFL’s broader platform, strengthening GFL’s ability to capture more waste streams across the value chain,” Gransch said in a statement.

Under the agreement, Secure shareholders can choose to receive $24.75 in cash, 0.4195 of a GFL subordinate voting share or a combination of both for each Secure share they hold, subject to limits to the total number of shares and cash available under the offer.

• Latest updates on investing here

The plan caps the cash available at 20 per cent of the total payment to Secure shareholders, while the GFL shares available under the bid are limited to 80 per cent of the total amount to be paid.

Secure shares were up $1.20 at $22.56 in trading on the Toronto Stock Exchange after the announcement was made, while GFL shares were down $1.89 at 59.62.

The deal, which requires approval by Secure shareholders, is expected to close in the second half of the year.

---

This report by The Canadian Press was first published April 13, 2026.